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Oil production on the up

Released at: 19:44, 05/09/2015

Oil production on the up

Amid falling prices, oil and gas production in Vietnam continue to increase.

by Bao Quyen - Son Ho

A report from the Ministry of Industry and Trade on industrial production in August revealed that petroleum operations remain positive and companies are meeting their plans, with exploitation of crude oil and gas on the increase. Crude oil production was estimated at 1.5 million tonnes in the month, a 3.5 per cent rise compared to August 2014. In the first eight months of the year the total was estimated at 12.3 million tonnes, 8.7 per cent higher year-on-year.

Gas production in August, meanwhile, was estimated at 700 million cubic meters, equivalent to 100 per cent of the amount in 2014. In the first eight months it was estimated at 7 billion cubic meters, representing 1.2 per cent growth against the same period of 2014. As for liquefied petroleum gas, production in August was estimated at 55,000 tonnes, a 3.8 increase against August 2014. Total production over the first eight months was 475,300 tonnes, 8.1 per cent higher year-on-year.

Regarding petroleum processing, August production was estimated at 586,400 tonnes, 5.6 higher than in last August. The figure for the first eight months was 4.6 million tonnes, an increase of 30.8 per cent compared to the same period of 2014.

The electricity sector also saw significant growth, with power output estimated to have reached 14.3 billion kWh in August, an 11.3 per cent increase compared to August 2014. In the first eight months output was 105.1 billion kWh, an 11.7 per cent rise year-on-year.

Electricity sales in August 2015 were estimated at 12.85 billion kWh, an 11.7 per cent rise compared to August 2014. In the first eight months of 2015 sales were estimated at 93.9 billion kWh, an 11.7 per cent increase against the same period of 2014.

The coal industry, on the other hand, faced a range of difficulties from the biggest flooding for the last 40 years in northern Quang Ninh province. Clean coal production in August was estimated at 3 million tonnes, down 4.8 per cent compared to July but 3.7 per cent higher than in August 2014. Production in the first eight months was estimated at 27.6 million tonnes, up 5.8 per cent compared to same period of 2014.

According to the Vietnam National Coal - Mineral Industries Group (Vinacomin), coal consumed in August was estimated at 2.5 million tonnes, a 19.3 per cent decline against July but a 7.9 per cent increase compared to August 2014. Consumption in the first eight months was estimated at 23.3 million tonnes, equivalent to 99.87 per cent of the figure in the same period of 2014.

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